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Revising return of income

Tax queries 606 views 8 replies

Whether income can be reduced and refund of paid taxes can be claimed in revise return of income if wrongfully shown in original return of income filed in time? Will it sustain? Any case-laws or any provisions of Act to substantiate the claim?

Replies (8)

Revised return will replace the original return or any prior return filed by an assessee (Dhampur sugar mills v CIT(1973)).. Facts disclosed in that will be considered as they were exist from beginning.. hence you can very well file a revised return with lower income or increase losses

yea you can do it subject to condition that you have valid reasons for reducing your income.

Yes, you can revise your return if you have filed your return before due date.

Yes you can revised if return file before due date & refund con be claim ater justify of income before

Thanks

Ramanuj


 

After revising the return of Income what about the uploaded TAx Audit Report ???

Can it be revised ???

yes, revised tax audit report can be uploaded but the CA must mention in the audit report that it is revised.

Hi,

 

What if the reurrn is filed as belated by mistake and any change is to be added which will reduce the refund and increase the income.Any option by which I can revise the return or file a fresh return?

It is a big problem.

Plz help someone

 

@ anonymous... only option available to you is that you intimate changes in your income with revised computation of income through an application to AO and then AO will act accordingly.


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